Hon Bill English
Government Bill
155—1
Explanatory note
1 Title
2 Commencement
Part 1Personal tax cuts, company tax cuts, and GST rate increase: 1 October 2010 start
Amendments to Income Tax Act 2007
3 Income Tax Act 2007
4 Withdrawals
5 Attributed income of certain investors in multi-rate PIEs
6 Calculation of tax liability or tax credit of multi-rate PIEs
7 Use of foreign tax credits by zero-rated and certain exiting investors
8 Section HM 58 replaced
HM 58 Transition of rate for certain investors
9 Notified investor rates
10 What this subpart does
11 Tax credit for redundancy payments
12 ICA benchmark dividend rules
13 FDPA benchmark dividend rules
14 Section OZ 7 replaced
OZ 7 Memorandum accounts in transitional period
15 Attaching imputation credits and FDP credits: maximum permitted ratio
16 Benchmark dividends: ratio change
17 Modifying ratios for imputation credits and FDP credits
18 Tax credits for imputation credits and FDP credits
19 Tax credits for non-resident investors
20 Fully credited dividends: modifying actual ratio
21 Dividends from qualifying companies
22 Attaching imputation credits and notional distributions: modifying amounts
23 BETA reductions
24 CTRA reductions
25 Methods for calculating provisional tax liability
26 GST ratio method
27 Calculating amount of instalment under standard and estimation methods
28 Calculating amount of instalment using GST ratio
29 Sections RZ 3 to RZ 5C replaced
RZ 3 Standard method: 2010–11 to 2012–13 income years
RZ 4 GST ratio method: 2010–11 to 2013–14 income years
RZ 5 Calculating amounts under standard method: 2010–11 to 2012–13 income years
30 Definitions
31 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 1
32 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 2
33 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 3
34 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 4
35 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 5
36 Schedule 2—Basic tax rates for PAYE income payments: part A
37 Schedule 2—Basic tax rates for PAYE income payments: part B, table 1
38 Schedule 4—Rates of tax for schedular payments: part I
39 Schedule 6—Prescribed rates: PIE investments and retirement scheme contributions: table 1
40 Schedule 6—Prescribed rates: PIE investments and retirement scheme contributions: table 2
Amendments to Tax Administration Act 1994
41 Tax Administration Act 1994
42 Person advising retirement savings scheme of retirement scheme prescribed rate
43 Section 140BB replaced
140C Transitional imputation penalty tax payable in some circumstances
Amendments to Goods and Services Tax Act 1985
44 Goods and Services Tax Act 1985
45 Imposition of goods and services tax on supply
46 Value of supply of goods and services
47 Imposition of goods and services tax on imports
48 New section 21CB
21CB Rate for change of use before 1 October 2010
49 Deductions from output tax for goods and services applied for making taxable supplies
50 Fringe benefits and entertainment expenses
51 Commissioner's right to withhold payments
52 Effect of imposition or alteration of tax
53 Adjustments to tax payable for persons furnishing returns on payments basis following change in rate of tax
GST-related amendments to Tax Administration Act 1994
54 Tax Administration Act 1994
55 Late payment penalty
56 New section 183AA
183AA Remission for GST transitional taxable periods
Part 2Personal tax cuts: 2010–11 start
57 Application
58 Income Tax Act 2007
59 Child's income
60 Tax credits for transitional circumstances
61 Calculation of family tax credit
62 Minimum family tax credit
63 New sections MF 4D and MF 4E
MF 4D Calculation of instalments: 1 April 2010 to 30 September 2010
MF 4E Calculation of instalments: 1 October 2010 to 31 March 2011
64 Employer's liability for attributed benefits
65 Calculation for certain employees when information lacking
66 Pooling non-attributed benefits
67 Single rate option
68 Alternate rate option
69 Close company option
70 Small business option
71 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part A, table 1
72 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part C, table 1
Amendment to Tax Administration Act 1994
73 Returns not required for certain providers of personal services
Part 3Other measures
74 Income Tax Act 2007
75 New section CG 8
CG 8 Capital contributions
76 New heading and section DB 64
Capital contributions
DB 64 Capital contributions
77 Annual rate for item acquired in person's 1995–96 or later income year
78 Special rate or provisional rate
79 Improvements
80 Effect of disposal or event
81 Meaning of annual rate
82 Meaning of excluded depreciable property
83 Other definitions
84 Subparts EE and EZ: list of defined terms
85 Annual rate for item acquired on or after 1 April 1993 and before end of person's 1994–95 income year
86 Pre-1993 depreciation rate
87 Thresholds for application of interest apportionment rules
88 Apportionment of interest by excess debt entity
89 Calculation of debt percentages
90 Measurement of debts and assets of worldwide group
91 Tax credits for supplementary dividends
92 Section MB 3 replaced
MB 3 When person carries on 1 or more businesses
93 Section MB 3 replaced
MB 3 When person carries on 1 or more businesses or investment activities
94 Orders in Council
95 Subpart ML repealed
96 Definitions
97 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part A
98 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 3
99 New schedule 39
Schedule 39Items for purposes of definition of special excluded depreciable property
100 Write-off of tax by Commissioner
Amendment to Government Superannuation Fund Amendment Act 1969
101 New section 3A
3A Additional payments for period 1 October 2010 to 27 April 2011
Amendment to National Provident Fund Restructuring Act 1990
102 New section 44A
44A Additional payments for period 1 October 2010 to 27 April 2011
Amendment to Social Security Act 1964
103 Schedule 18––Accommodation supplement: Part 1
Amendment to War Pensions Act 1954
104 Annual adjustment of rates of veterans’ pensions
Amendment to New Zealand Superannuation and Retirement Income Act 2001
105 Annual adjustment of standard rates of New Zealand superannuation
The Parliament of New Zealand enacts as follows: